₦airaland Forum

Accroding to a Reuters report,the Organisation of the Petroleum Exporting Countries’ oil output dropped lower in April amidst a scheduled output hike taking effect.

The drop was led by a cut in Venezuelan supply on renewed United States attempts to curb the flows and smaller drops in Iraq and Libya.

The Organisation of the Petroleum Exporting Countries pumped 26.60 million barrels per day last month, down 30,000 bpd from March’s total, with cuts by some producers offsetting higher Iranian supply, the Reuters survey showed on Thursday.

The reduction comes despite OPEC+, which comprises OPEC and its allies, including Russia, beginning in April to unwind its most recent layer of output cuts.

The group plans to accelerate the hikes in May and June, citing supportive market fundamentals such as low inventories.

The full extent of the rises will depend partly on the impact of attempts by US President Donald Trump to clamp down on supply from Iran and Venezuela.

The biggest drop among OPEC members in April was from Venezuela, where exports declined as cargo cancellations to US oil company Chevron forced ships to return.

Iraq, which is under pressure to boost compliance with OPEC+ output quotas, also curbed output, the survey found.

It was disclosed that there was little change in output from top producer Saudi Arabia, and in Gulf members the United Arab Emirates and Kuwait, despite higher OPEC+ quotas for April.

“While the survey and March data provided by OPEC’s secondary sources show the UAE and Iraq are pumping close to the quotas, other estimates, such as those of the International Energy Agency, suggest they are pumping significantly more.

“Among countries pumping more, Iran boosted exports in April, and provided OPEC’s largest output hike, with the latest US measures having little impact on output,“ the report read partly.

The International Monetary Fund (IMF) has removed Nigeria from its list of debtor countries. According to its latest report titled “Total IMF Credit Outstanding – Movement from May 01, 2025, to May 06, 2025,”

Nigeria no longer appears among the 91 developing and least-developed nations currently owing the Fund. These countries collectively owe the IMF a total of $117.8 billion as of May 6, 2025. Total IMF credit outstanding refers to the total amount of unpaid and outstanding principal due to the fund from its member countries. This includes both outstanding loans under current arrangements and those that have expired.

When contacted on the development on Wednesday, a top IMF official in Washington, DC, who pleaded to remain anonymous, told THISDAY, “We are trying to confirm the reports. Nigeria borrowed during the pandemic. It was a rapid finance loan, and we are trying to confirm whether it has now been fully repaid

In response to inquiries on the matter, a senior IMF official based in Washington, D.C., who requested anonymity, stated, “We are trying to confirm the reports. Nigeria borrowed during the pandemic. It was a rapid finance loan, and we are trying to confirm whether it has now been fully repaid”.

Data firm StatiSense also confirmed via its X handle that Nigeria is no longer listed among countries indebted to the IMF. The company tracked the repayment progression, revealing that Nigeria’s debt stood at $1.61 billion as of July 28, 2023. This figure dropped to $1.37 billion by January 5, 2024, $933.03 million by July 10, 2024, and further to $472.06 million by January 8, 2025, before being fully cleared in May 2025.

The values were converted from Special Drawing Rights (SDRs), an international reserve asset created by the IMF to supplement the official reserves of its member countries, to US dollars.

Reacting to the development, the Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, described Nigeria’s exit from the IMF debtor list as a testament to the Tinubu administration’s fiscal discipline and reform-driven governance. He noted that the repayment marks a turning point in Nigeria’s economic management strategy.

According to Ogra, “Does this mean no more business with the IMF or other foreign lenders? No! Nigeria remains a member of the IMF and can approach it anytime if the situation demands. This is not a door slammed shut.
“Why? Because global partnerships like the IMF remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, based on partnership, not dependence. Debt clearance today, reform momentum tomorrow.
President Bola Tinubu will continue to prioritize long-term reforms with sound financial management for the benefit of our country and generations yet unborn. Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.”

The IMF recently commended Nigeria’s ongoing economic reforms, describing them as bold and strategic steps that had helped stabilize the economy and lay a foundation for future growth.

In its recent 2025 Article IV Consultation Mission to Nigeria last month by a team led by Axel Schimmelpfennig, the IMF had stated, “The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment.

Schimmelpfennig highlighted key policy reforms by the Nigerian government, including ending central bank deficit financing, removing fuel subsidies, and improving the foreign exchange market, as strong signals of a commitment to economic stability and growth.

Senator Kawu Sumaila, representing Kano South, has formally transitioned from the New Nigeria Peoples Party (NNPP) to the All Progressives Congress (APC). This transition was disclosed during a plenary session by Senate President Godswill Akpabio, who read a letter from Sumaila stating that his departure from the NNPP was based on significant and undeniable issues within the party. Sumaila characterized the NNPP as being ‘deeply fragmented and ineffective.’ His defection increases the number of APC senators in the 10th National Assembly to 65, thereby enhancing the party’s majority in the Senate. As he was welcomed into the majority section of the Upper Chamber, there were enthusiastic cheers. Senator Sumaila explained that his decision to leave the NNPP was motivated by a desire to better serve the interests of his constituents, whom he regards as his foremost priority. Following this change, the Senate’s composition now includes 65 members from the APC, 33 from the Peoples Democratic Party, five from the Labour Party, two each from the NNPP and the Social Democratic Party, and one from the All Progressives Grand Alliance. In May 2022, Sumaila, a former House of Representatives member, had switched from the APC to the NNPP. On April 23, he confirmed his return to the ruling party through a Facebook post, stating, ‘Yes, it is true — the rumors regarding my defection are accurate. All politics is local, and my primary concern has always been, and remains, the welfare of my immediate constituency.’

A gathering of former state chairpersons from the now-defunct Congress for Progressives Change (CPC) has reaffirmed its allegiance to President Bola Tinubu, rejecting recent rumors of a possible coalition involving CPC members and opposition leaders in anticipation of the 2027 elections. In a statement released on Sunday, the forum’s National Secretary, Sulaiman Oyaremi, emphasized the group’s commitment to supporting President Tinubu and fostering a more inclusive All Progressives Congress (APC).

‘We believe it is our duty to back the current party leader, President Bola Ahmed Tinubu, and aid in transforming the APC into an inclusive entity where all stakeholders feel a sense of belonging and ownership,’ Oyaremi remarked. Recent speculations have indicated that prominent figures from the CPC faction might join forces with opposition leaders such as former Vice President Atiku Abubakar, Labour Party’s 2023 presidential candidate Peter Obi, and former Kaduna State Governor Nasir El-Rufai in a potential coalition against President Tinubu.

However, on April 16, several ex-CPC members, led by former Nasarawa State Governor Tanko Al-Makura, publicly distanced themselves from these claims and reaffirmed their support for Tinubu and the APC. This led to a response from former Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN), who on April 17 asserted that Al-Makura and his group did not possess the authority to represent the entire CPC faction.

In addressing the internal conflicts, Oyaremi highlighted the absence of a singular, recognized leadership within the former CPC group, noting that the existence of multiple factions claiming to represent the defunct party indicates a lack of cohesive leadership. He further expressed concern that this scenario points to a potential deficiency in inclusivity within the APC leadership and the resultant government.

The forum expressed its concerns regarding the treatment of its members, particularly the former state chairmen, who they believe have not received adequate recognition in terms of appointments or roles within the party. “It is an undeniable fact that members of the defunct CPC, especially the former state chairmen of the legacy party, have not been treated justly in terms of government appointments or party structures at both national and state levels, despite their contributions to the party’s electoral achievements,” the statement indicated.

The forum recognized that individuals have the right to either remain in or leave the APC. However, clarifying their stance, the forum emphasized that as representatives of the former CPC state chairmen, they harbor no ill feelings towards those who have opted to exit the APC.

They further asserted, with clarity, that with a few exceptions, they are united in their commitment to stay within the party alongside their leader, former President Muhammadu Buhari. Additionally, the forum called upon President Tinubu and the APC-led governments to redirect their attention from electoral matters to the urgent issues confronting Nigerians.

“We also wish to draw the President’s attention to the various challenges faced by Nigerians. The escalating levels of insecurity and economic hardship are becoming existential threats for many citizens. Therefore, it is crucial for the President, APC governments at all levels, and the party leadership to prioritize these governance issues over the 2027 elections as we approach the second anniversary of the current administration,” the statement concluded.

The Ogun State Government and ARISE Integrated Industrial Platforms have invested the sum of $400m to establish the Industrial Platform Remo Free Zone, a public-private partnership initiative to boost local and foreign direct investments in the state’s economy.

Reports said the IPRFZ is located in Sagamu, Ogun State, within the ~5,000 hectares of the Remo Economic Development Cluster.

While speaking at a press briefing in Abeokuta on Tuesday, the Director-General of Ogun State Public-Private Partnerships, Dapo Oduwole, affirmed the state’s governor’s strong support for the free trade zone project.

According to Oduwole, the Ogun state government is “very excited at the public-private partnership relationship” and views it as “a key driver of the administration’s goal to close infrastructure gaps and improve the welfare of citizens.”

Oduwole noted that the IPRFZ is a 45-year investment structured in multiple phases, including the Special Agro-Processing Zone, already underway. “This is just one example of the open hand and welcoming stance of the Ogun State government toward the private sector,” he said.

He added that Ogun has taken deliberate steps to encourage investment, starting with the enactment of a Public-Private Partnership Law in 2019.

“Setting up the PPP office was very important because it was meant to give investors comfort, confidence, and knowledge that the investment is safe in Ogun State,” the PPP DG stated.

The government official noted that as part of its enabling environment, the state has established a one-stop investment centre to assist investors with information on opportunities across all 20 local government areas.

He explained that fiscal incentives such as tax reliefs and duty waivers were key reasons why investors like ARISE IIP chose to do business in Ogun State.

Oduwole told The PUNCH that while specific revenue projections are not yet available, the state government expects returns would rise steadily over time as the project matures. “We’re in year three or four of a 45-year project. The initial investment of $400 million alone is a signal of the long-term benefits,” he said.

He further noted that the zone is located near critical infrastructure, including the nearly completed international cargo airport, road networks, and a planned deep seaport. “Our goal is to make Ogun the breadbasket not just of the Southwest, but of Nigeria,” he added.

Meanwhile, the Chief Business Officer of the IPRFZ, Prasad Sane, noted that the free zone offers an integrated industrial ecosystem with streamlined services under a single-window framework.

“Whether it is customs, immigration, or other approvals, investors will not deal with government agencies directly. We handle everything,” he explained.

Sane listed the facilities being developed in the IPRFZ to include gas and power supply, wide roads, green spaces, a water treatment plant, banks, hospitals, and fire and police stations.

He revealed that 115 hectares out of the 370-hectare zone have already been leased to six companies, with over 100 more in the pipeline.

“Most importantly, why investors come in is because they want profits. And this can be done with the physical benefits they get,” he added.

The African Development Bank Group has okayed a new five-year Country Strategy Paper for Nigeria, which would make it commit about $650m annually between 2025 and 2030 to drive economic transformation, build resilience, and foster broad-based prosperity.

The Bank made this known in a statement published on its website on Thursday, saying that $2.95bn would be provided over the first four years of the plan, to be complemented by an estimated $3.21bn in co-financing from development partners.

The statement read, “The Board of Directors of the African Development Bank Group has a new five-year Country Strategy Paper (2025-2030) for Nigeria, committing about $650m annually to drive economic transformation, build resilience, and foster broad-based prosperity across the country.

“Under the new strategy, the bank will provide $2.95bn over the first four years, complemented by an estimated $3.21bn in co-financing from development partners. The strategy focuses on two key priority areas: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialisation.”

The new strategy focuses on two key priority areas: promoting sustainable, climate-smart infrastructure to enhance competitiveness and industrial development; and advancing gender and youth-inclusive green growth through industrialisation.

According to the Bank, the strategy aims to close Nigeria’s infrastructure gap — estimated at $2.3tn between 2020 and 2043 — by investing in climate-friendly roads, electricity expansion, clean water systems, and supporting agribusinesses that create jobs, especially for women and youth.

The investments are expected to support Nigeria’s ambition to double the size of its economy to $1tn and create about 1,561,000 jobs.

The Country Strategy Paper aligns with Nigeria’s development plans, including Agenda 2050, the National Development Plan 2021–2025, and the 2023 Renewed Hope Agenda.

It also seeks to support Nigeria’s efforts to capitalise on the African Continental Free Trade Area by boosting energy access, improving transportation networks, and enhancing market access for farmers, agro-entrepreneurs, and businesses.

Commenting on the new plan, the Director General of the African Development Bank’s Nigeria Office, Abdul Kamara, said, “This strategy takes a transformative partnership between the Bank and Nigeria to a new level. By investing in sustainable infrastructure and inclusive agricultural growth, we are not only building roads, power systems, and transforming agriculture – we are building pathways to prosperity for millions of Nigerians.”

Millions of Nigerians, including women, youth, micro-, small- and medium-sized enterprises, State governments, and rural communities, are expected to benefit from improved access to finance, enhanced supply chains, training, and business opportunities under the new strategy.

The bank added that women entrepreneurs would receive targeted support under programmes such as its Affirmative Finance Action for Women in Africa initiative, while youths would be equipped with critical skills to tackle unemployment.

It further noted that by investing in greener, more resilient infrastructure and agricultural systems, the strategy would strengthen Nigeria’s adaptation efforts, mitigate the effects of floods and droughts, ease farmer-herder conflicts, and contribute to a more resilient and united economy.

Nigeria’s repayment of its International Monetary Fund Rapid Financing Instrument loan will be due by 2029, according to PUNCH reports.

The latest repayment schedule published by the Fund on its website showed that the country had secured approval for an emergency financial support of 2,454.50 million Special Drawing Rights, which translates to about $3.32bn at the prevailing exchange rate of SDR1 to $1.35404 as of May 1, 2025.

The RFI loan, disbursed in full on April 30, 2020, was granted to assist Nigeria in addressing urgent balance of payments needs following the devastating economic impacts of the COVID-19 pandemic, which had triggered a sharp fall in oil prices, a recession, and widespread fiscal pressures.

Under the terms of the facility, Nigeria’s remaining repayment obligations are staggered over a five-year period beginning in 2025 and concluding in 2029.

For 2025, Nigeria is scheduled to repay a final principal amount of SDR 306.81 million along with charges and interest of SDR 22.81 million, bringing the total repayment due this year to SDR 329.62 million, equivalent to approximately $446.21m.

From 2026 to 2029, the obligations primarily relate to charges and interest payments estimated at around SDR 26.7 million each year, translating to about $36.14m annually at the current exchange rate.

Cumulatively, Nigeria is expected to repay about SDR 436.42 million over the next five years, amounting to a total of $590.78m in U.S. dollar terms based on the latest valuation.

Reports earlier stated that debt servicing to the IMF surged to $1.63bn in 2024, made up entirely of principal repayments, with no interest or other charges recorded.

The country’s total external debt servicing for 2024 amounted to $4.66bn, up from $3.5bn in 2023.

Of this, multilateral creditors accounted for the largest portion at $2.62bn or 56 per cent of the total.

The IMF’s share alone accounted for 35 per cent of Nigeria’s total external debt servicing in 2024 and about 62 per cent of the total paid to multilateral lenders.

Also, Nigeria’s debt to the IMF dropped significantly from $2.47bn in 2023 to $800.23m in 2024 — a reduction of 67.6 per cent, or $1.67bn, likely tied to repayments on the emergency and budget-support facility disbursed in 2020.

The disbursement Nigeria received under the RFI was notable for its rapid approval and minimal conditionalities, differing from traditional IMF arrangements that typically require extensive reform programs.

Nonetheless, repayment commitments remain binding, and Nigeria’s progress towards clearing the debt without needing refinancing or restructuring would be seen as a significant positive by global investors and development partners.

Nigeria’s economic landscape has undergone notable changes since the loan was first obtained. President Bola Tinubu’s administration has embarked on wide-ranging reforms, including the unification of exchange rates, the removal of petrol subsidies, and renewed efforts at revenue mobilisation through improved tax administration.

These measures have been aimed at strengthening fiscal buffers, enhancing macroeconomic stability, and restoring investor confidence.

Economic indicators suggest cautious optimism. The World Bank projects that Nigeria’s economy will grow by 3.6 per cent in 2025, which is marginally more optimistic than the IMF’s projection of 3.0 per cent.

Inflation, while still a major concern, has eased to 24.23 per cent in March 2025 from higher levels recorded earlier in the year.

External reserves have also shown resilience, buoyed by stronger oil exports and remittance inflows, with Nigeria’s current account balance expected to post a surplus by 2026, according to the World Bank.

At present, Nigeria has no overdue financial obligations with the IMF. The Fund recently commended the country’s efforts at maintaining macroeconomic stability, although it urged further reforms to consolidate the gains.

Successfully completing the scheduled repayments would bolster Nigeria’s external credit profile, enhance access to international capital markets, and improve sovereign risk perceptions.

The Presidency has announced that President Bola Tinubu will leave Abuja for Katsina State today for a two-day official visit.

The president will meet with important stakeholders to evaluate the state’s security situation during the visit, according to a statement released by presidential spokesperson Bayo Onanuga on Thursday.

He will commission the Katsina Agricultural Mechanized Centre and a 24KM dual carriageway completed by Governor Dikko Umar Radda.


Before leaving for Abuja, President Tinubu would also accept an invitation to attend the governor’s daughter’s wedding, Onanuga continued.

Nigeria’s telecom operators have ordered over $1 billion of equipment from Chinese original equipment manufacturers to upgrade network infrastructure and improve service quality.

This was revealed by the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr Aminu Maida, in Lagos, at a colloquium themed, ‘The Nigeria Communications Act 2003, 22 years After: Challenges, Opportunities and Future Directions for a Digital Nigeria’ organized by the House of Representatives Committee on Communications.

Maida stated that, “Our operators have committed to investing over a billion dollars in telecom infrastructure this year. This is more than double the investment from last year. But this equipment needs to be manufactured. We went to China, and the original manufacturers have confirmed the orders.”

While the telecom equipment is still in transit, pending clearance and deployment, the development marks a renewed capital investment in the sector following a prolonged financial strain.

The regulator stated that as the sector, valued at over $75bn, prepares for its next phase of growth, strong infrastructure will be essential to handle surging data demand and power emerging digital services across the economy.

This comes just months after the NCC approved a 50 per cent tariff increase, the first in 11 years, designed to ease pressure on operators grappling with operating costs that have soared by over 300 per cent in the last decade.

The telecom regulator has also kicked off plans to review the Nigerian Communications Act (NCA) of 2003, citing the need to align it with evolving technological realities and Nigeria’s digital aspirations.

NCC EVC described the over 20-year-old telecommunications law as ‘increasingly misaligned with 2025 and future realities.’ He pointed to the Act’s transformational legacy, including the rise of mobile subscriptions from less than 300,000 in 2001 to over 150 million today, and the telecom sector’s contribution of approximately 14 per cent to Nigeria’s GDP as of Q3 2024.

However, he warned that emerging technologies and widening connectivity gaps have rendered key aspects of the Act outdated. Maida stated, “Progress is not a destination, but a journey. The industry is experiencing a seismic shift driven by AI, 5G, quantum computing, IoT, and blockchain. Our regulatory framework must evolve just as quickly if we are to maintain momentum and close the digital divide.”

Maida also lamented ongoing structural barriers, including unreliable power supply, the high cost of right-of-way approvals, and rising operational expenses, which continue to hinder the expansion of digital infrastructure, particularly in underserved rural communities. He further flagged cybersecurity threats and escalating capital requirements as urgent challenges, noting that the current law falls short in addressing the complexities of Nigeria’s fast-evolving digital economy.”

The EVC commended the National Assembly for initiating the dialogue and affirmed the Commission’s continued collaboration with lawmakers, industry stakeholders, and international partners to develop a future-proof legal framework. His remarks hinted at a possible legislative review on the horizon, as Nigeria positions itself to play a more prominent role in the global digital economy

The Arewa Youths for Peaceful Coexistence has praised former Delta State Governor Ifeanyi Okowa and the current governor, Sheriff Oborevwori, for their significant decision to leave the Peoples Democratic Party (PDP) and join the ruling All Progressives Congress (APC), along with members of the House of Assembly, local government chairmen, party leaders, and supporters. Speaking in Abuja on Tuesday, the group encouraged Arewa governors who remain undecided to prioritize national interests over partisanship by aligning with President Bola Ahmed Tinubu’s vision.

Mark Okpanachi Ogah, the Federal Capital Territory (FCT) Coordinator for Arewa Youths for Peaceful Coexistence, addressed the media alongside National President Bature Haruna, and urged the suspended Governor of Rivers State, Siminalayi Fubara, to reconnect with his political mentor and FCT Minister, Barrister Nyesom Wike, emphasizing the importance of political wisdom and foresight. Okpanachi remarked that political legacies are best maintained through loyalty, dialogue, and a unified purpose.

He stated, ‘Wike’s crucial role in Governor Fubara’s rise cannot be overlooked in any honest recounting of recent political events. Thus, it is both strategic and commendable for Governor Fubara to seek reconciliation and establish a united front for the peace and advancement of Rivers State and the nation as a whole.’

Regarding the significant defection of Delta State PDP members to the APC, Okpanachi characterized this shift as a homecoming that transcends mere political realignment. ‘This is a strategic and symbolic endorsement of President Bola Ahmed Tinubu’s Renewed Hope Agenda. Your choice signifies a profound commitment to national advancement, unity, and a collective aspiration to guide Nigeria towards sustainable development. We warmly welcome you into the progressive family. Delta is home, and together, we will construct a brighter future for our great nation.

The organization also called upon other states in the South-South region, especially the Governors of Akwa Ibom and Bayelsa, to embrace this commendable initiative. Your recognition of the President’s achievements is valued; it is now essential to fully support his transformative vision by joining the progressive coalition. Furthermore, we extend this request to the Governors of Oyo and Osun States.

As fellow compatriots of President Tinubu, it is appropriate to directly endorse his developmental efforts by aligning with his political agenda. Similarly, we encourage the Governors of Enugu and Abia to prioritize the collective welfare and join the Renewed Hope movement. We would like to take this opportunity to commend the APC Chairman, Abdullahi Ganduje, for his exemplary leadership since taking office. One of the notable and decisive traits of the National Chairman is his ability to secure electoral victories. For instance, during his tenure, the APC has successfully won four out of five off-season elections in the nation. This accomplishment highlights his strategic insight and organizational effectiveness.

Additionally, his unwavering commitment to President Tinubu’s Renewed Hope Agenda is praiseworthy. This dedication has attracted many opposition parties to the APC, as evidenced by the current trend of defections to the party nationwide, marking a historic occurrence. The group also asserted that the elimination of the fuel subsidy has resulted in savings of trillions of naira for the country, allowing for a reallocation of funds towards infrastructure development.

Among the other accomplishments of President Tinubu’s administration, Okpanachi noted the unification of the foreign exchange market, enhancement of investor confidence, extensive road, rail, and coastal highway initiatives, including the Lagos-Calabar Coastal Highway. Additional achievements include security enhancements through improved intelligence and military resources, youth empowerment initiatives, digital skills training, the implementation of student loans for higher education, and social investment programs aimed at supporting the populace.

In the new tax reform bills currently in the National Assembly, stamp duties will be exempted from property rent below N10m.The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has announced.

Oyedele made this public in Abuja at the Building and Construction Industry Forum, with the theme “Nigeria’s Tax Reforms and the Building and Construction Industry: Implications and Opportunities”, organised by the Council of Registered Builders of Nigeria and the Housing Development Advocacy Network.

According to Oyedele, “What we have done in the reform bills is to make them very clear so there is no debate. Also, we have added that there will be a stamp duty exemption for rents that are below N10m.

“So if you’re paying rent, which is what many people will do because they don’t own a house, you won’t have to pay stamp duties unless you’re a rich person who is paying a lot. It’s not like we are punishing rich people; it’s just that they have a better ability to pay.

Then capital gains tax is exempted on the sale of your dwelling house.”

He added that “withholding tax on construction will now be a maximum of two per cent, which means the rate is significantly reduced.”

In his remarks,the Executive Director of the Housing Development Advocacy Network, Festus Adebayo, advised that the tax committee should consider incentives or tax rebates.

He said this will encourage developers to invest in low-cost housing, as many currently face high rents and fees.

He said, “Since the tax reform is still in the National Assembly, the tax committee should consider the idea of putting an incentive, tax rebate, or anything that can encourage some of those developers or investors to go into the delivery of low-cost housing. Because today, the majority of those estate developers are facing a lot of hurdles in the area of rents and fees they pay in many places.”

Corroborating the above, the Managing Director, Urban Shelter, Sa’adiya Aliyu-Aminu, described taxation as a critical tool for economic transparency and national development.

She said, “Proper taxation will reduce reliance on oil, enhance accountability, and make the sector more attractive to local and foreign investors.”

A report by S&P GlobalIn has revealed that the price of a 50kg bag of rice has dropped to N58,000 in some parts of Nigeria, particularly around remote areas, amid imports from the Republic of Benin.

According to the report the West African parboiled rice market has dropped to a near two-year low as supplies flood into regional markets following India’s removal of export duties on parboiled rice.

A 50kg bag of rice has dropped from N80,000 to N58,000 as a result of the influx of the commodity to neighbouring Benin Republic, from where it enters Nigeria.

Platts, part of S&P Global Commodity, reports that the influx of lower-priced rice from India has filled warehouses to capacity in Benin, according to market participants.

Between September and December, India was said to have exported approximately 2.11 million metric tonnes of parboiled rice to West Africa, up sharply from 720,000 metric tonnes in the same period of 2023.

According to the Agricultural and Processed Food Products Export Development Authority, in 2024 as a whole, India exported 5.35 million metric tonnes of parboiled rice to West Africa, up from 3.9 million metric tonnes in 2023.

Commenting, a trader based in Togo said the current situation in almost every region of West Africa is the same, quiet and bearish.

As Nigeria, the largest rice market for Benin, continues to illegally import rice from Benin, both local and imported rice prices in Nigeria have plummeted over the past two weeks.

It was said that the price for a 50kg local rice had dropped from N80,000 or N90,000 to N60,000, while Indian imported rice prices have dropped to N80,000.

In border communities in Ogun, the staple sells at prices below N50,000 due to the proximity of their communities to the Benin Republic.

Despite the ban on the importation of rice, the commodity remains the most smuggled product, even as the Nigerian Customs Service has sleepless nights battling rice smugglers.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that Nigeria has officially moved past its most challenging economic phase.

While reaffirming the federal government’s commitment to bringing inflation rate down to single digits and safeguarding citizens’ purchasing power, Edun and Cardoso praised Nigerians for their resilience. They acknowledged that although the journey has been challenging, the government’s economic reforms are beginning to deliver positive results.

Speaking during a joint media briefing at the close of the 2025 International Monetary Fund and World Bank Spring Meetings in Washington D.C., Edun and Cardoso projected a strong and optimistic outlook for Nigeria’s economy.

The CBN governor highlighted that the country’s monetary and financial systems have matured significantly, with the foreign exchange market now operating effectively based on market fundamentals.

Cardoso stated that the reforms implemented over the past 18 months, have significantly strengthened Nigeria’s monetary buffers and stabilized the foreign exchange market.

Emphasizing the importance of maintaining momentum, Cardoso said, “We are custodians of stability. Our role is to ensure that people can plan without suffering the shocks of internal or external disruptions. This is not the time to be cynical. If we do not recognize and take advantage of our opportunities, others will.”

He continued, “Capital moves to where the environment is enabling, it’s not the time to be cynical. It’s time for us to look to the future. With every confidence that we will get out of any problem that we are faced with.”

Cardoso also noted that Nigeria’s ability to withstand recent external shocks has earned the country international recognition.

“It has taken a lot of coordination between the fiscal and the monetary, learning from mistakes, being bold enough to look at other means of doing certain things to get better results, and now we are here at a time where the international community is asking others to learn from what Nigeria has been able to accomplish.”

The CBN Governor further disclosed that the gap between the official and parallel market exchange rates has closed, and speculative arbitrage, previously a major source of currency pressure, has been eliminated. He noted that this renewed stability has boosted confidence and increased autonomous foreign exchange inflows through formal channels, helping to diversify Nigeria’s foreign exchange sources beyond oil.

On his part, Edun, stated that key economic indicators are moving in a positive direction, marking a significant improvement compared to the country’s position years ago.

Edun stated “Nigeria is economically, financially, in a much better place than it was just a couple of years ago. Inflation is coming down; the exchange rate is stabilizing; food prices are easing, and the fundamentals are much stronger.”

However, he emphasized the need to accelerate economic growth in order to reduce poverty meaningfully. “Unless we get to about seven per cent growth, we are not going to reduce poverty and improve the life of Nigerians substantially. That is the target and commitment of this administration,” he said.

He noted that Nigeria’s economy is currently growing at an average of 3.4 percent in 2024, with the latest quarterly growth recorded at 3.84 percent. To bridge the growth gap, Edun outlined several key strategies including boosting agricultural productivity, expanding digital infrastructure, supporting entrepreneurship, and enhancing access to finance across all sectors.

Edun noted that with macroeconomic stability returning and investor confidence rebounding, Nigeria is well-positioned to achieve its long-sought goal of inclusive and broad-based prosperity, provided that ongoing reforms are sustained. He added that the country has turned the corner and it is time for every Nigerian to contribute towards building a stronger, more prosperous economy.

Alhaji Sule Lamido, the former Governor of Jigawa State and a prominent member of the Peoples Democratic Party (PDP), has issued a warning regarding the current attempts to undermine Nigeria’s primary opposition party. He stated that the dismantling of the PDP could lead to a collapse of democracy within the nation. Lamido, who previously served as the Minister of Foreign Affairs, foresees significant developments in the next five months, emphasizing that the exodus of members from the PDP is a troubling sign for Nigeria.

After being elected as a National Delegate during the PDP Local Government Congress in Birnin Kudu, Jigawa State, Lamido voiced serious concerns about what he termed a systematic attack on opposition forces, facilitated by the manipulation of state institutions such as the Independent National Electoral Commission (INEC), the police, and security agencies. He remarked, ‘My constituents elected me as a delegate not out of necessity, but because experience is crucial at this juncture.’

He further asserted that Nigeria’s democracy relies on a robust opposition, warning that dismantling the PDP equates to paving the way for national self-destruction. Lamido accused President Bola Tinubu and the ruling All Progressives Congress (APC) of utilizing state instruments to undermine opposition parties. He cautioned that if this trend persists, it will not only harm the democratic framework but also ultimately engulf those responsible for it. ‘While it is normal for the APC to oppose the PDP as a political entity, it becomes perilous when the Federal Government, under APC’s influence, employs national institutions against the opposition. This is not merely a conflict between APC members and us; it involves the government and the President himself. The use of the Economic and Financial Crimes Commission (EFCC) and other agencies to intimidate and weaken opposition parties is tantamount to self-destruction. Those who join the APC out of fear will come to regret their decision.’

He observed that Tinubu is under the impression that by undermining the PDP, he is safeguarding his political future. However, he emphasized that the President fails to recognize that this approach ultimately undermines Nigeria as a whole. Lamido articulated that democracy relies on liberty, freedom, and a credible opposition, asserting, ‘If you eliminate the opposition, you jeopardize the nation.’ He also pointed out that the fear of persecution from agencies such as the EFCC is compelling numerous political figures to enter what he termed a ‘suicidal alliance’ with the

ruling party, forecasting that disillusionment will eventually lead many back to the PDP. He called upon all discontented politicians to rejoin the PDP, characterizing it as Nigeria’s most organized and people-centric political platform.

Dr. Abdullahi Umar Ganduje, the National Chairman of the All Progressives Congress (APC), confirmed yesterday that additional governors from opposition parties are poised to join the ruling party in anticipation of the 2027 general elections. Delta State Governor, Sheriff Oborevwori, recently declared his switch from the Peoples Democratic Party (PDP) to the APC, along with his predecessor and former PDP vice-presidential candidate, Ifeanyi Okowa. During a formal reception in Abuja for prominent defectors from the New Nigeria Peoples Party (NNPP) in Kano State, Ganduje expressed his belief that the APC would secure victory in 2027. The group of defectors was led by Senator Kawu Sumaila, representing the Kano South Senatorial District. Although he refrained from revealing the names of the governors expected to join the APC, Ganduje reassured party supporters that the preparations for the 2027 elections are firmly established.

“More governors are coming into APC, I assure you, and places where we have elections, APC, insha Allah, will win,” he declared. Ganduje praised President Bola Tinubu’s leadership, attributing the party’s growing appeal to the success of the Renewed Hope Agenda. He said, “The electorate, who appreciate the progress made under President Tinubu, will continue to support the APC at the polls.

The governor of Delta State, along with his cabinet, members of the state assembly, House of Representatives members, and even the former vice presidential candidate, has now joined the APC. This signifies the expansion of the APC, making the prospects for 2027 appear certain. Among the prominent individuals defecting from Kano State to the APC are Kabiru Alhasan Rurum, who represents Rano/Kibiya in the House of Representatives; Abdullahi Sani Rogo; Zubairu Hamza Massu, a member of the Kano State House of Assembly; Dr. A.B. Baffa Bichi, the former Secretary to the State Government; and former commissioners Mohd Digol and Abbas S. Abbas. Additional notable figures include former governorship candidate Sha’aban Ibrahim Lawal, as well as former House of Representatives members Badamasi Ayuba Danbatta and Idris Dankuwa. Senator Sumaila, representing the defectors, has committed to ensuring the APC’s success in their respective constituencies. The Acting National Chairman of the Peoples Democratic Party (PDP), Umar Damagum, has condemned the defection of Oborevwori and Okowa to the APC, labeling it an act of disloyalty. He further reminded party members that Labour Party’s Peter Obi achieved remarkable success in 2023 without the support of state governors, thereby promoting confidence in grassroots mobilization.

During the presentation of the Certificate of Return to the PDP candidate for the Anambra governorship election, Chief Ezenwafor Jude, Damagum expressed disappointment over the perceived betrayal of Delta State, emphasizing the party’s unwavering support for the region. He remarked, ‘It is truly regrettable, as Delta should not harbor such sentiments, given the party’s generosity… We have consistently backed Delta State, from the current governor to his predecessor, who also served as our vice presidential candidate. This action was unexpected.’ Damagum reassured party supporters that the PDP’s framework in Delta would be restructured through a caretaker system, stating, ‘We are currently assessing the situation and will proceed with this promptly.’ As he shifted focus to the 2027 general elections, Damagum called on Nigerians to hold the APC responsible for the nation’s economic struggles, asserting, ‘The 2027 election transcends the number of governors or leaders; it centers on Tinubu and the citizens of Nigeria.’ He urged unity among PDP members, highlighting the necessity for ordinary Nigerians to take charge of the upcoming election, which he characterized as a battle between the APC and the populace. ‘I implore everyone to unite and liberate ourselves from the hardships deliberately imposed upon us,’ he concluded. Former Senate President, Dr. Abubakar Bukola Saraki, encouraged PDP members to remain resolute amidst recent defections, asserting that the party is experiencing a vital transformation and will emerge more robust. In a statement released yesterday, Saraki addressed the concerns of party members and supporters following the defection of Delta State Governor, Sheriff Oborevwori, and former Governor Ifeanyi Okowa to the ruling All Progressives Congress (APC). He urged those who have lost faith in the PDP’s vision to depart, enabling dedicated members to concentrate on revitalizing the party.

Saraki expressed that individuals wishing to depart from the PDP should do so promptly, allowing those committed to the party to focus on its reconstruction and reorientation as a credible opposition. He underscored the necessity of a robust opposition for the preservation of democracy, cautioning that the shift towards a one-party system threatens Nigeria’s rich diversity. Saraki criticized the insincerity among certain party leaders, asserting that recent occurrences have validated his choice to remain observant. He encouraged party members across the nation to stay steadfast and not be discouraged by recent events, comparing politics to a marathon rather than a sprint, and emphasized that the PDP has ample time to realign itself ahead of the 2027 elections. He remarked that it is unnecessary to dwell on the reasons for departures, urging members to concentrate on fortifying the party. Furthermore, he called for an end to attributing the PDP’s difficulties to the ruling party, advocating for personal accountability among members to enhance the party’s foundation. Saraki characterized Okowa’s defection as unprecedented and a sign of deteriorating leadership values, yet he maintained that the PDP is still capable of securing victories in future elections, even with a smaller but more dedicated membership.

“We still have about two years before the next election. That is a long time in politics,” Saraki noted, calling on young members and women to play key roles in the party’s revival. He concluded by expressing confidence that the PDP will overcome current challenges, urging members not to lose hope.

“We should see the current development as a challenge to rebuild and refocus the party. Tomorrow is very bright,” he said.

The anti-Tinubu coalition, spearheaded by former Vice President Atiku Abubakar, has minimized the significance of recent defections, labeling them as expected and irrelevant to their strategy for the 2027 elections. In response to these developments, coalition spokesperson Salihu Lukman remarked that such actions were foreseen, indicating that additional governors from the PDP are likely to align with the APC. He asserted, ‘Anyone claiming this is unforeseen is merely fooling themselves. The indications have been apparent. It involves not just one, but multiple governors.’ Lukman criticized the present condition of the PDP, referring to it as a mere shadow of its former self. He recognized that while some leaders within the PDP remain optimistic about revitalizing the party, a considerable number are suspected of supporting President Bola Tinubu. ‘When the governors released a statement opposing the coalition, we responded by noting that many were already collaborating with Asiwaju. Shortly thereafter, movements from Akwa Ibom and now Delta became evident,’ he stated. He further emphasized that the defections would not hinder the coalition’s goal of offering Nigerians a credible alternative in the upcoming 2027 general elections.

“What has happened with some governors moving into APC is not going to distract us. The full details of the coalition will soon be unveiled, along with the strategy for contesting the election,” Lukman assured.

“The PDP must move away from a culture of candidate imposition and godfatherism. If they can rebuild, we can

see them as partners in rescuing Nigeria,” Lukman said.

Presidential aide Bayo Onanuga has ridiculed former Vice President Atiku Abubakar, asserting that his political future appears bleak due to increasing defections and turmoil within the PDP. In a post on his X page, Onanuga derided Atiku, indicating that the departure of Governor Sheriff Oborevwori and former Governor Ifeanyi Okowa signifies the disintegration of Atiku’s envisioned coalition for 2027. This coalition reportedly included former Kaduna State Governor Nasir El-Rufai, former Secretary to the Government of the Federation Babachir Lawal, and Labour Party’s vice-presidential candidate Yusuf Baba-Ahmed. Onanuga remarked that the exit of Atiku’s supporters jeopardizes the coalition’s feasibility, stating, ‘With the implosion in the PDP and the departure of significant figures, Atiku’s political prospects are grim. His coalition initiative is effectively null and void.’ Additionally, Segun Sowunmi, a prominent member of the PDP, criticized Atiku’s coalition attempts, cautioning that they may further destabilize the party in the lead-up to the 2027 general elections.

Speaking during an interview from the source, Sowunmi urged Atiku to strengthen the PDP instead of seeking alliances outside the party.
“You were given the PDP presidential ticket twice; you were vice president under the PDP twice. Whatever coalition or amalgamation you are planning, it must be within the PDP,” he cautioned.

Sowunmi, identifying himself as Atiku’s most devoted supporter, contended that many individuals being sought for the coalition lack true loyalty to Atiku. He accused them of feigning support while pursuing their own agendas. “I disagree with the notion of transferring a large party into a smaller organization. Numerous individuals claiming to back you in this coalition do not genuinely agree with you. They feign support, but I am aware of their true sentiments,” he stated. Sowunmi expressed skepticism regarding Atiku’s intentions, voicing disappointment that someone who has gained the most from the PDP would contemplate actions detrimental to the party’s cohesion. Meanwhile, Bisi Olopoeyan, a prominent member of the PDP in Oyo State, warned party governors against defecting to the ruling APC, cautioning that such actions could severely impact Nigeria’s democracy. He remarked that the decisions made by Oborevwori and Okowa could jeopardize the country’s multi-party system and lead Nigeria towards a one-party regime. Olopoeyan indicated that those hastily aligning with the APC may come to regret their choices. “It would only take the ruling party to eliminate the PDP and subsequently transform Nigeria into a one-party state. Since the APC took power in 2015, the PDP has been the sole opposition voice,” he asserted. Olopoeyan criticized Okowa and Oborevwori for their perceived ingratitude towards the PDP. He also questioned President Bola Tinubu’s leadership style, alleging that the current administration is pressuring opposition members, in contrast to previous administrations led by former Presidents Olusegun Obasanjo and Muhammadu Buhari. He attributed the party’s difficulties to former Vice President Atiku Abubakar, citing his defection in 2015 as the root cause of the PDP’s ongoing challenges. Olopoeyan cautioned the suspended Rivers State governor, Similayi Fubara, against defecting, warning that such a decision could jeopardize his political relevance.

Sochukwudinma stated that Governor Oborevwori is expected to play a significant role in fortifying the APC in Delta State, while investigations into any individual will proceed regardless of their party affiliation. Additionally, Sanya Atofarati, the Publicity Secretary of the PDP in the South-West, affirmed the stability of the region, highlighting the strong leadership of Governors Seyi Makinde (Oyo) and Ademola Adeleke (Osun). He commended the dedication of party leaders such as Chief Olabode George and expressed hope for the PDP’s revival in 2027. In a related development, the Edo State Chapter of the PDP asserted its strength and unity, cautioning members against those attempting to weaken its presence in the South-South and throughout Nigeria. During a stakeholders’ meeting in Benin, Dr. Tony Aziegbemi, Chairman of the PDP Caretaker Committee in Edo, emphasized the party’s commitment to reclaiming what it termed a stolen mandate from its candidate, Asue Ighodalo, in the recent gubernatorial election, assuring members that the party would remain undeterred by both internal and external challenges. Chief Tom Ikimi, a prominent figure in the PDP, underscored the necessity of the party’s survival for Nigeria’s future, accusing the APC of being overtaken by self-interested individuals. He remarked, ‘We are witnessing desperate attempts to dismantle the PDP, which aims to establish a one-party dictatorship. The only viable future for Nigeria hinges on the survival of the PDP.’

The Peoples Democratic Party (PDP) crisis has been ascribed by former House of Representatives member Tajudeen Yusuf to a number of reasons, including some party officials’ inability to put the party’s unity ahead of their own political aspirations.

Yusuf thinks it is time for former Vice President Atiku Abubakar to step down and let the PDP go back to its original zoning model, which he claims would foster unity within the party. Abubakar ran as the party’s presidential candidate in the last two election cycles.

Yusuf stated, “If I have my way, I will advise former Vice President Atiku, leave PDP ticket, let it go to the South even if we don’t win presidential election, we would have been seen as going back to our original modus operandi where part positions are zoned.”

Look at the South-South and the South-East which have been reasonably the bedrock of the PDP, you just come and pick a ticket, people would lose hope because everyone wants to reach their professional zenith.

If they now realize that because of the number that comes from one particular section in primary election they cannot get the ticket, they become frustrated.

Since the general election in 2023, the former ruling party has been dealing with internal issues, and a number of its leading members, including governors and members of the National Assembly, have defected to the current All Progressives Congress (APC)

Delta State Governor Sheriff Oborevwori, his deputy Monday Onyeme, his predecessor Ifeanyi Okowa, and other prominent PDP members in the state switched to the APC on Wednesday, making them the most recent to leave the party.

Yusuf, who represented the Kabba/Bunu/Ijumu Federal Constituency in the House of Representatives, described the crisis in the PDP as self-inflicted. He accused the party’s governors of deliberately allowing the situation to persist in order to justify their defection to other political platforms.

The ongoing turmoil within the South-South region of the Peoples Democratic Party (PDP) is escalating daily, as the Bayelsa State Executive Working Committee, under the leadership of Solomon Agwanana, has rejected the purported dismissal by the zonal committee led by Dan Orbih.

In a statement issued by the party’s Publicity Secretary in the state, Ebiye Agu Ogoli, it was asserted that the Dan Orbih-led zonal executive lacks the authority to dissolve the state executives, given that their tenure expired on March 13, 2025. On April 22, 2025, the South-South Zonal Working Committee announced the dissolution of the party’s working committees in Edo and Bayelsa states, appointing caretaker committees to manage the party’s operations in both states for a period of three months.

This decision, which the zonal committee stated would take effect immediately, was revealed following a meeting chaired by Dan Orbih, the National Vice-Chairman of the party. The statement, signed by Zonal Publicity Secretary Prince Etim Isong, indicated that the establishment of caretaker committees was a response to the dissolution of the State Working Committee in Bayelsa and the Caretaker Committee in Edo, citing various acts of gross misconduct that were deemed to violate the party’s Constitution. In response, Ogoli, the state Publicity Secretary, characterized the situation as intentionally mischievous and absurd, asserting that the state chapter of the party would address the concerns raised by what he referred to as misguided individuals.

He remarked, ‘The Bayelsa State Chapter of the PDP has been alerted to a baseless narrative circulating that the State Working Committee led by Solomon Agwana has been dissolved and replaced by a caretaker committee established by the illegitimate factional Zonal Executive Committee under Dan Orbih.’

Initially, the term of the previous Zonal Executive Committee of the PDP concluded on March 13, 2025. To prevent any leadership void, a caretaker committee was established by the National Working Committee (NWC) on the same date, led by the esteemed Emmanuel Ogidi, to manage the party’s operations until an Elective South-South Zonal Congress can be convened.

In order to stop the rising violence in Borno, Benue, Plateau, and Kwara states, President Bola Tinubu has ordered a rapid revision of national security plan.

The Special Adviser to the President, Information & Strategy, Bayo Onanuga, issued a statement on Wednesday that included this directive and denounced the needless targeting of defenseless Nigerians.

The President stated that the killing of innocent people in Borno, Benue, and Plateau States must stop during a more than two-hour meeting with security officials at the State House in Abuja.

“Enough is enough,” President Tinubu told his service chiefs during their briefing on all the attacks in the states, the death toll, and the destruction of properties.

The National Security Adviser (NSA), Nuhu Ribadu, during an interview with journalists, noted that President Tinubu was also actively observing and giving instructions during his work tour to Paris and London.

Mr President gave us the chance to come and brief him again. It lasted very long. We informed him of the current situation.

Even while he was away, he was constantly in touch, giving directives and following developments. We had the opportunity to come and brief him once again, and it lasted hours. It was a very detailed briefing, and it was exhaustive.

We paid attention, and we took instructions from him. He gave us new directives. The fact is that Mr President is insisting that we work harder to restore security in the country.

We informed him on what has been happening and reassured him of our commitment. “We had carried out his instructions. We went to places with incidences of insecurity, such as Plateau, Benue, and Borno States.

We went to those three particular states. We gave him feedback because he had directed us earlier to go and meet with the political authorities there,” he continued.

The NSA went on to say that the president emphasized the importance of involving state and municipal governments more in the handling of insecurity incidents.

Insecurity is a problem that frequently affects people at all levels. The components are involved. They are the ones who interact directly with the public, particularly when certain issues veer toward being issues of the community.

We need to work with the local communities. We need to work with the local governments, and we need to work with the governors.

The President directed that we work more with governors,” he stated. According to Ribadu, the president was “very worried and concerned” at the meeting.

He declared, “‘Enough is enough’. We are trying to make sure that we restore peace and security. We were all at the meeting with the President, armed forces, police, and intelligence community.

According to the NSA, the attackers typically target ungoverned areas and install improvised explosive devices (IEDs) on innocent populations.

The Senate has advised Pastor Tunde Bakare to refrain from expressing his frustrations towards the 10th National Assembly. Yemi Adaramodu, the Chairman of the Senate Committee on Media and Public Affairs, issued this caution in response to what he termed the cleric’s recent public remarks, which included broad generalizations and derogatory comments directed at the National Assembly.

Adaramodu emphasized that while the Senate acknowledges every citizen’s right to voice their opinions on national issues, it feels compelled to react when such remarks cross into unjustified attacks and misleading statements that could undermine public confidence in democratic institutions.

He remarked, ‘Pastor Bakare, as a religious leader and political figure, has previously engaged in national discussions that have encouraged reflection and debate. However, his latest comments shift from constructive criticism to rhetoric that is regrettably filled with disdain and unfounded allegations.’

He also pointed out that Pastor Bakare was a presidential candidate in the last elections and a vice-presidential candidate in a prior electoral cycle. ‘We perceive his damaging critiques of the National Assembly as a politically motivated and biased sermon.’

The People’s Democratic Party (PDP) has dismissed the State Working Committee (SWC) led by Solomon Agwanana in Bayelsa State, appointing George Turnah, the Zonal Secretary, as the Caretaker Chairman for a period of three months. Additionally, the recent changes announced by the South-South Zonal Working Committee also affect Mr. Tony Aziegbemi, the former Caretaker Chairman of the Edo State PDP, who has been succeeded by Nosa Ogieva. The appointment of the caretaker committees was revealed following a meeting held yesterday at the zonal secretariat in Port Harcourt, Rivers State.

A statement from the Zonal Publicity Secretary, Prince Etim Isong, indicated that the establishment of the caretaker committee was a result of the dissolution of the Solomon Agwana-led State Working Committee in Bayelsa and the caretaker committee in Edo State.

Isong noted that the decision to form caretaker committees in both states was prompted by various acts of gross misconduct by the dissolved executives, which constituted clear violations of the party’s Constitution, as well as the poor performance of the party in the recent governorship elections in Edo State and the inadequate management of internal conflicts within the party in both states. He expressed confidence that this decisive action by the Zonal Working Committee would fortify the party’s foundation and promote effective leadership in Bayelsa and Edo states.

Meanwhile, the Edo State PDP has refuted claims made by the party’s National Vice Chairman for the South-South, Dan Orbih, regarding the dismissal of the PDP Zonal Committee Executives in Bayelsa and Edo states. In a statement to the press in Benin, Chris Nehikhare, the Publicity Secretary of the Edo PDP Caretaker Committee, asserted that Orbih lacks the authority to dismiss any executives, emphasizing that his statement is without merit.

According to Nehikhare, Orbih is currently leading the All Progressives Congress (APC) faction of the People’s Democratic Party (PDP). He stated, ‘Only the national leadership of our party possesses the authority and constitutional power to establish caretaker committees. It is the responsibility of the National Working Committee and the National Executive Committee to organize congresses at all levels, from the ward to the state, local councils to the zonal, and the national convention.’

He further mentioned that the party’s congress has yet to take place, especially in the South-South zone, to introduce the new party executives. ‘What exists is the Caretaker Committee in the South-South Zone, chaired by Emmanuel Ogidi, not Dan Orbih,’ Nehikhare clarified. He also pointed out that Orbih has aligned himself with the APC, as evidenced by his unsolicited commendations for the APC-led government in Edo State.

The Economic and Financial Crimes Commission has commenced preliminary investigations into the collapse of digital investment platform Crypto Bank Exchange (CBEX). The platform reportedly defrauded investors of over N1.3 trillion, leaving thousands of investors stranded and unable to access their funds.

The EFCC spokesman, Dele Oyewale, stated that the commission, in collaboration with the International Criminal Police Organization, has begun an investigation to track down Nigerian and foreign suspects involved in the collapse of the digital investment platform Crypto Bank Exchange (CBEX). Oyewale explained that the agency had already begun investigating CBEX before its collapse.

He said, “We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in. We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes. Don’t forget that we already issued an advisory, the 58 companies we alerted the public about. There are many more we are currently investigating.”

He also revealed that the commission is actively working to identify other Ponzi schemes operating across the country. “We are actively working to handle the CBEX situation. We will collaborate with other regulatory agencies to ensure that Nigerians are protected from this kind of scheme. We will do our job, where recovery is possible, we will recover; where prosecution is possible, we will prosecute.

He added that, “Overall, we will do our best. Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the trail of local collaborators, while partnering with INTERPOL to trace the foreign operators.”

Speaking further Oyewale emphasized the need for Nigerians to be more cautious and informed when engaging with investment platforms. He noted that any business promising unusually high returns within a short period, such as 30 days, should raise red flags, as such offers are typically unrealistic and unsustainable.

He also urged the public to always consider the legal framework governing any investment before committing their funds. Despite ongoing awareness campaigns, he expressed concern that many Nigerians continue to fall prey to fraudulent schemes.

Former Kogi State Governor, Yahaya Bello, has submitted a formal complaint to the Inspector General of Police (IGP) regarding alleged defamatory remarks made by Senator Natasha Akpoti-Uduaghan of Kogi Central District.

In a petition dated Wednesday and signed by his attorney, N.A. Abubakar, Bello urged the police to summon Akpoti-Uduaghan to provide credible evidence supporting her claims against him.

“Should she fail to do so, we request her arrest and prosecution under the law for criminal defamation, inciting public unrest, and disseminating false information detrimental to public order,” the lawyer stated.

Additionally, the former governor, through his legal representative R.O. Balogun, has reached out to Akpoti-Uduaghan, demanding a retraction and a public apology for the alleged defamatory statements. He warned that failure to comply would result in legal action.

Bello accused the senator of “maliciously” defaming him and making assassination allegations during a homecoming event on April 1, 2025, in the Okehi Local Government Area. He asserted that her actions violated Section 24(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc.) Act of 2015.

“By accusing our client of being involved in an assassination plot and naming him as a co-conspirator in a supposed murder scheme (attempting to disguise the act as mob or ethnic violence), Senator Akpoti-Uduaghan has:

“Severely tarnished our client’s reputation by depicting him as a violent and vengeful political figure, misleading the public and attempting to incite ethnic and political discord, particularly among the clans of Ebiraland and the broader Kogi Central community.

“Brought his name into disrepute based on an allegation so serious that, if unchallenged, could jeopardize his political career and personal safety; and misused her parliamentary position by spreading such unfounded claims without evidence in a highly public and politically charged environment,” the attorney remarked.

Nigeria has officially signed and submitted the Economic Community of West African States offer to establish zero duties on 90% of goods traded within Africa. The Minister of Industries, Trade and Investments, Dr Jumoke Oduwole, disclosed this on her X social media platform handle.

The move comes just ahead of the 16th meeting of the AfCFTA Council of Ministers (COM), held in Kinshasa, Democratic Republic of Congo. This development marks a significant milestone in advancing regional trade integration, especially against the backdrop of global trade tensions initiated by the U.S. President Donald Trump

The Nigerian Trade Minister that “the gazetting and transmission of the ECOWAS Schedule of Tariffs to the AfCFTA Secretariat signals Nigeria’s readiness for trade under the Agreement. This milestone enables Nigerian exporters to leverage preferential tariff access across African markets, positioning Nigeria as a key player in regional and global trade.”

Speaking on the sidelines of the Conference of African Trade Ministers in Kinshasa, Democratic Republic of Congo, Oduwole said, “As Nigeria commences its implementation review of five years of the AFCFTA, we have been reflective of the journey so far. What is clear is that Nigerian entrepreneurs are ready to take on the challenge to move across borders. We celebrate that feat and support them as a government with everything needed, including the tariff gazetting for our AFCFTA schedules.”

The Minister highlighted the AfCFTA as a vital opportunity for hardworking Nigerian entrepreneurs to export their goods and earn much-needed foreign exchange. She noted the agreement offers a pathway for business expansion while providing a platform for women-led and youth-led businesses, enabling them to trade with other Africans across the continent. She highlighted the 1.4 billion market and $3.4 trillion regional economy as the largest free zone in the world, the African Continental Free Trade Area.

Nigeria’s Trade Minister also reaffirmed the country’s commitment to taking lead in the digital trade framework. She stated that Nigeria will remain competitive in trading services and goods while describing the AfCFTA as a partnership designed to deliver shared benefit across the continent.

Nigeria is now the 23rd AfCFTA State Party to gazette its Provisional Schedule of Tariff Concessions, PSTCs.This move will provide clarity and certainty, confirming that Nigeria will offer preferential tariff treatment to eligible goods imported into the country, in line with its commitments under the AfCFTA Agreement.

The Federal Government has announced plans to settle over N4 trillion owed to power generation companies for electricity supplied to the national grid.

Mr. Bola Tunji, Special Adviser, Strategic Communications and Media Relations, to the Minister of Power, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja.

Reacting to a recent appeal by Generation Companies (GenCos) for the settlement of over N4 trillion in outstanding debts, Tunji stated that the Minister is deeply concerned about the issue. He noted that discussions are already ongoing with the Ministry of Finance expected to take over payment responsibilities to ease the strain on the sector.

According to him, “We expect the Ministry of Finance to take action on this soon. ” We are not unaware of this debt arising from the Federal Government’s commitment to a subsidy. Part of the debts are legacy debts, which were on the ground before the Minister of Power assumed office. The minister has repeatedly harped on this, knowing the implication of such debts to the operations of the various power sector stakeholders, especially the GenCos.”

Earlier in a statement, the Association of Power Generation Companies (APGC) revealed that GenCos are currently owed N2 trillion for power supplied in 2024 and N1.9 trillion in legacy debt. The GenCos also noted that against the backdrop of the many challenges facing the power sector in Nigeria, the persistent cash liquidity is one of the most pressing issues facing the sector and this has reduced their ability to continue to perform their obligations.

According to retired Col. Sani Bello, Chairman of the APGC Board of Trustees, the situation poses a serious threat to the stability of the entire electricity value chain. He stated that” Besides being owed huge debts, the GenCos were also operating under very harsh monetary and fiscal conditions.” It is no news that the GenCos have continued to bear the brunt of the liquidity crisis in the Nigerian Electricity Supply Industry (NESI).”

Stakeholders in the power sector have consistently urged the Federal Government to introduce financial stabilization measures warning that failure to act could lead to a deeper collapse in electricity generation and distribution in the country.

The cloud over Agege Local Government seems dark ahead of the July 12th Lagos State Local Government Elections. This is with the outcry over the imposition of Abdulganiyu Obasa by his father Rt. Hon. Mudashiru Obasa as the sole candidate in the forthcoming party primaries ahead of the polls.

Reactions had trailed the development with many devastated at the decision of the newly returned Lagos Speaker who many in the politically vibrant community regard as the leader of the All Progressives Congress in the area and wields so much powers in the state too. With observers decrying the dominance of godfatherism in the scheme of things, many fear a likely crack in the wall as the primaries approach.

Trouble started when the announcement filtered through the community especially in the peak of mobilizations, alignments, re-alignments and all preliminary levels of grassroots politicking .The onerous task of raising about N5.5m for the form had also plaguing the aspirants.

A visit to the Moshalashi Alhaja area of Agege showed clustered gatherings of political enthusiasts discussing the unfolding scenario. A middle aged man who spoke on condition of anonymity said “Our mumu don do. Shey na Obasa dey feed me? If na the last war we go fight to end this godfatherism rubbish we go fight am. My problem is that hunger is not allowing people to reason well.

“I be APC member and a proud one but i go leave this party if this happens. Who knows Ganiyu? What does he know about Agege APC?, he queried while angrily removing his orange cap and hitting hard on his thigh.

One notable voice in Agege who has lamented the development is Hon. Sola Osolana, a popular philanthropist and politician in the area. Taking to his official Facebook page in series of posts, he wrote.” Your Children are joining Agege paramole, Neighborhood watch, you are still struggling to pay rent, beg for money for naming and school fees after years of supporting them to rule over you, now they bring their son to come and rule over you while still ruling and you are rejoicing. What is the definition of madness? Insanity? Even a slave has sense. #takeagegeback#.”

The Central Bank of Nigeria has reaffirmed its commitment to supporting Small and Medium Enterprises, describing them as the engine of economic growth in the country.

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, made this known through the Acting Director of the Bank’s Corporate Communications Department, Hakama Ali, during the CBN’s Special Day at the ongoing 36th Enugu International Trade Fair 2025.

In her address, Ali stated that the theme of this year’s fair, “Developing Nigeria’s Industrial Sector/SMEs for Economic Advancement & Global Recognition” is timely and relevant as it addresses the imperative of value addition and the links that would help to support industrial activities, to fully integrate the economy into the global industrial architecture.

Ali noted that the current management of the bank is dedicated to correcting identified challenges of the Nigerian economy to stimulate productivity, particularly within the Small and Medium Enterprises (SMEs) which remained the engine of growth in any small economy.

The CBN Governor emphasized that meaningful industrial development capable of earning global recognition rests on three key pillars, including robust financial system fundamentals, foreign exchange market stability and strong collaboration between the monetary and fiscal authorities.

“The bank’s efforts in these directions are already yielding the desired results, this has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times”.Specifically, Nigeria recorded $6.83 billion balance of payments surplus at the end of 2024, which signals economic resurgence and a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 financial years, respectively.

“This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy,” he revealed.

Cardoso highlighted that the central bank’s annual participation in the Fair serves to raise awareness and engage stakeholders on its policies and programs, which are crucial for driving economic activity, promoting inclusiveness, and achieving global recognition.

In addition to supporting SMEs, Cardoso emphasized that the central bank believes strengthening domestic industries is essential to protect the local economy from adverse external shocks.He also added that the bank is closely overseeing the ongoing recapitalization of the banking sector to ensure the infusion of quality capital, as outlined in the framework.

The Governor of Edo State, Monday Okpebholo, has criticized the Edo State chapter of the People’s Democratic Party (PDP) for misinterpreting his support for President Bola Tinubu’s administration and its policies. In a statement released by the governor’s Chief Press Secretary, Fred Itua, on Saturday, Okpebholo referred to the party’s remarks against him as “weak.”

The statement clarified that the governor has never breached any provisions of the Electoral Act, including Section 94(1), contrary to the claims made by the faction of the PDP in Edo.

It further emphasized that the governor, like any responsible Nigerian, has the right to endorse the president’s vision and administration.

During a meeting with 17 acting chairmen from 18 local government areas in the state who defected from the PDP to the APC, Okpebholo expressed confidence that President Tinubu would secure a decisive victory in the 2027 presidential election. He commended President Tinubu’s leadership, noting that the actions taken to eliminate the contentious fuel subsidy were steps that the previous administration hesitated to undertake, which would have positioned the nation for development and growth.

The governor affirmed his administration’s commitment to improving the lives of the citizens, stating that in just four months in office, he and his team have transformed the narrative of Edo State.

He remarked, “The 2027 election is a certainty in Edo State, as President Bola Amed Tinubu will remain in office. I urge all 17 of you to begin the campaign for President Bola Tinubu’s election starting today. Return to your local governments and set up his billboards to promote the message of his reelection.

“There will be no vacancy in Abuja in 2027. Those attempting to form a political party now cannot govern us. They previously ruled their states, leading to suffering from issues like kidnapping, but since their departure from office, those states have become safer. Such individuals are unfit to lead Nigeria,” he asserted.

His announcement, however, was met with disapproval from the PDP in the state, which accused him of attempting to mislead both the president and the APC leadership into thinking he still possesses political influence in Edo.

In a statement released on Saturday, Okpebholo responded, stating, “A feeble statement attributed to the factional Edo State chapter of the Peoples Democratic Party (PDP) emerged on Friday, wherein the once dynamic party attempted, albeit unsuccessfully, to misinterpret a patriotic comment made by His Excellency, Senator Monday Okpebholo, the Executive Governor of Edo State, regarding his support for President Bola Ahmed Tinubu.

“It must be clearly stated that Governor Okpebholo has never violated any provisions of the Electoral Act, including Section 94(1), as falsely claimed by the factional PDP in Edo. The Governor, like any responsible Nigerian, has the right to express his support for the President’s vision and administration.

“It is absurd that the Edo PDP, in its quest to maintain relevance, has resorted to distorting every statement made by the Governor to gain trivial political advantages. Governor Okpebholo’s remarks were intended to enhance collaboration with the Federal Government for the advancement of Edo State. Furthermore, he is entitled to initiate a re-election campaign for President Bola Ahmed Tinubu without any need for justification.

“The PDP’s impulsive response once again reveals its profound insecurity and diminishing influence within the State.

“Instead of issuing press releases filled with inaccuracies and political animosity, the Edo PDP should take a moment to consider the substantial goodwill that Governor Okpebholo enjoys across various political affiliations and among the citizens of Edo State, who are already experiencing a refreshing change in governance.

“If Governor Okpebholo chooses to launch an open re-election campaign for President Tinubu, it is his prerogative. Regrettably, the current state of the notorious PDP reflects a political party in turmoil, struggling to regain its lost significance.”

The citizens of Edo State are not deceived. They recognize that Governor Okpebholo is dedicated to fulfilling his responsibilities, rebuilding trust in governance, and steering Edo towards a future of peace, prosperity, and advancement.

Rep encourages Abia South to strive for APC’s success in 2027.

The decline in the number of Peoples Democratic Party (PDP) legislators in the Abia State House of Assembly continued today with the defection of Collins Ugochukwu, the representative for Isiala Ngwa North Constituency, to the Labour Party (LP).

Ugochukwu’s transition to the LP was formally announced in a letter he sent to the Speaker of the Abia State House of Assembly, Emmanuel Emeruwa, yesterday.

During the plenary session, the Speaker read the letter, confirming that the legislator is now affiliated with the LP. This development follows the recent departure of Lucky Nweke Johnson, the representative for Isuikwuato Constituency, who also left the PDP for the LP, citing internal conflicts within his former party and the performance of Governor Alex Otti as motivating factors.

Additionally, Rowland Dennis, who represents Isiala Ngwa South Constituency, switched from the PDP to the LP in February.

Ugochukwu’s defection today may pose a significant challenge for the PDP in the lead-up to the 2027 elections, as Isiala Ngwa North is a key area that influences the outcome of gubernatorial contests in Abia.

In a related development, Chris Nkwonta, the Chairman of the House of Representatives Committee on South East Development Commission (SEDC), has urged the residents of Abia South Senatorial District to align with the All Progressives Congress (APC) and work diligently to secure victories for the party in all positions during the 2027 general elections.

The lawmaker called on party leaders in the region to initiate a vigorous membership campaign, emphasizing the need for the APC to enhance its performance, which he characterized as subpar in the 2023 elections, in order to establish itself as the dominant political force in the area by 2027.

Speaking to party supporters from the six council areas of Aba South at Akwete, Nkwonta, who represents the Ukwa West/Ukwa East Federal Constituency, assured attendees that they would reap greater benefits of democracy if they cast their votes in favor of the APC.

Supporters from the five local council areas of Kogi Central convened in Ihima, located in the Okehi Local Council Area, on Tuesday to greet the PDP lawmaker.

Despite a government-imposed ban on rallies and processions, Natasha was met with an enthusiastic reception from her supporters.

In a statement released yesterday, the senator challenged Bello to disclose the origin of the names of the purported constituents advocating for her recall.

She asserted, “All existing evidence and facts clearly indicate that Bello is the architect behind the recall initiative.”

Akpoti-Uduaghan referenced Bello’s previous actions before and during the 2023 General Elections, during which he was accused of orchestrating various attacks against her as a candidate.

The senator characterized the recall effort as a continuation of Bello’s political vendetta against her.

“I would advise the former governor to concentrate on addressing the allegations of fraudulent diversion of N89.2 billion, rather than attempting to disrupt the mandate entrusted to me by the people of Kogi Central.

“Despite being embroiled in corruption allegations, the former governor remains intent on undermining the will of the populace.

“His documented actions before and during the last general elections, where he funded numerous attacks against me, illustrate that this recall attempt is merely another strategy to subvert the people’s choice,” she stated.

In a related development, Oluwole Osaze-Uzzi, a former Director of Voter Education at the Independent National Electoral Commission (INEC), remarked that the process of recalling lawmakers is comparable to conducting three separate elections.

Osaze-Uzzi made these comments during an Arise TV program yesterday.

“Financial resources are essential for all processes. The corrupting influence of money is a significant concern. INEC will incur substantial expenses, as the entire process resembles conducting three elections,” he explained.

He elaborated that the recall process initiates with the verification of signatures, which must occur at the polling unit level.

Verification officers are required to visit the field to authenticate signatures, and it is essential for all individuals who endorsed the petition to be present. This process necessitates mobilization, the printing of materials, the deployment of personnel, and the organization of logistics, all of which incur costs, Osaze-Uzzi explained.

The former INEC official pointed out that voter turnout in Nigeria seldom surpasses 50 percent, which adds to the challenges of the recall procedure.

“Individuals must step forward to validate their signatures, necessitating additional mobilization efforts. INEC will engage in mobilization, the legislator facing recall will also mobilize, and the petitioners will need to do the same. Ultimately, INEC will have to demobilize, which again involves financial expenditure,” he stated.

The International Air Transport Association has reported that African airlines recorded a 6.7 per cent year-on-year increase in demand in February 2025 as compared to the same period in 2024.

IATA also said that global total demand, measured in revenue passenger kilometres, grew by 2.6 per cent compared to February 2024, while total capacity, measured in available seat kilometres, was up by two per cent year-on-year.

These were contained in the global data released by IATA on Monday.

According to IATA in its regional market analysis, African airlines experienced a 6.7 per cent year-on-year growth in demand with increased capacity at four per cent year-on-year.

Similarly,the load factor for Africa rose to 75.3 per cent compared to February 2024.For the global performance, total demand, measured in RPK, was up 2.6 per cent compared to February 2024.

Besides, total capacity, measured in ASK, was up two per cent year-on-year, while the February load factor was 81.1 per cent compared to the February 2024 period.

IATA also said that international demand rose 5.6 per cent compared to February 2024, capacity was up 4.5 per cent year-on-year, and the load factor was 80.2 per cent within the same period under review.

Domestic demand fell 1.9 per cent compared to February 2024, and capacity was down 1.7 per cent year-on-year, while the load factor was 82.6 per cent compared to February 2024.

Commenting on the statistics, Willie Walsh, IATA’s Director-General, said that while traffic growth slowed in February, much of this could be explained by factors including the leap year and the lunar new year falling in January compared to February last year.

Walsh emphasised that February traffic hit an all-time high, and the number of scheduled flights was set to continue increasing in March and April.

He added: “The recent shutdown of Heathrow reminded us once again that the current passenger rights regime in place in Europe and the UK is not fit for purpose.

“The annual costs of compensation, care and assistance run into the billions. Thankfully, the Polish presidency of the EU has recognised that this is a drag on European competitiveness and is progressing with much-needed and long-anticipated reforms to EU261.

“While many of the proposed reforms are sensible, the package stops short of a real solution.

“Even with the reforms, EU261 will still target the airlines with penalties even if the root cause of delays is an infrastructure incident out of their control—like we saw at Heathrow.

“Over two decades of EU261 have not seen a reduction in delays because infrastructure providers have no incentive to improve their game.

“Sadly, for European travelers, we are likely to see this play out again in this summer’s peak travel season. Genuine reform of EU261 must ensure that all parties responsible for delays have a stake in the consequences,” said Walsh.